The Politically Incorrect Guide to Capitalism

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Most commonly accepted economic "facts" are wrong. The liberal media and educators have distorted public policy with politically correct errors about capitalism and economics. In this insightful guide, myth-busting professor Robert P. Murphy, a scholar at the Ludwig von Mises Institute, dismantles liberal myths and socialist clichés. He begins with a clear explanation of capitalism and tackles hot topics such as outsourcing, which benefits Americans, and zoning restrictions, which do not. Murphy argues that central planning has never succeeded, explains how prices function in a free market, and why socialist policies like rent control fail. He highlights how labor unions can harm workers, the negative impacts of raising the minimum wage, and how a free market combats racism. Additionally, he discusses how capitalism can save the environment, contrasting it with the pollution of Communist countries. He critiques the Welfare State as dehumanizing, addresses myths surrounding government regulation, and explains how tariffs protect privileged workers at the expense of others. Murphy also evaluates the role of the IMF in aiding poor countries. With a witty and precise approach, he provides a twelve-step plan for understanding free market economics, urging conservatives to resist socialization and advocate for capitalism.